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Goldman Sachs received 51% of the fees paid to the bookrunners of satellite operator Eutelsat's â¬860m ($1bn) initial public offering last month, more than twice the amount it would have received if the float had gone ahead in October.

The US bank was paid €8.8m as sole global co-ordinator and lead bookrunner of the French satellite operator's float, while Morgan Stanley, which had co-advised the company with Goldman and was a bookrunner, received 20% of the fees, worth €3.4m.

Under the deal's original fee structure, each of the bookrunners would have been paid 20% of the total. However, Goldman was promoted to its dual role when the company re-launched its flotation as an accelerated deal and was promised a greater share of the fees, reducing the pool for three of the other bookrunners.

Deutsche Bank, Lehman Brothers and Merrill Lynch suffered the main reduction and each received about 9.7% of the fees, or €1.67m, less than half what they would have been paid if the company had listed at the first attempt.